In a volatile market that has become a battleground, Jim Cramer had a hard time finding a more contentious or divisive stock than Intrexon, the leader of synthetic biology.
A synthetic biology company, Intrexon uses computers to develop new DNA sequences that can then be put to work to create biologically superior products for various end markets. This includes not only drugs, but also food, energy and consumer packaged goods.
But at the end of the day, Cramer thinks the story behind this stock is all about trust. The bulls believe in Intrexon and its CEO, billionaire healthcare investor Randall Kirk. The bears see Intrexon as a cult of personality stock built around Kirk.
Given the long track record Kirk has for taking over drug companies and selling them for big bucks, Cramer is willing to believe in Intrexon. Just as Kirk sold New River Pharma to Share for $2.6 billion in 2006, and sold Clinical Data for Forest Labs for $1.2 billion in 2011, he could pull it off again.
"I think he deserves the benefit of the doubt here," Cramer said.
However while there could be opportunity in Intrexon, Cramer think it is best to only invest in this stock for speculation and to not utilize any retirement funds for this stock.
Read More Cramer: The Street fight over Intrexon
Cramer has watched as investors continue to wait for the big event or news that will send the market down gigantically, to slay the bulls and finally bring in the bear. They have hung on to every word from the Fed, waiting for the rate hike hammer to drop.
But what if it already happened?
After the market had the worst August in five years, Cramer can only use that data to come to the conclusion that the bear market has already arrived.
Cramer recently took a look at the 's Daily Action Charts, and was horrified at the level of destruction that has already taken place. The chart book includes the largest stocks in the S&P 500, largest companies in the midcap index and a few others not yet in the index.
He began to count how many stocks had fallen hard this year, and discovered that it filled up multiple pages. In total, there were 240 stocks in bear market territory as of Friday, and the number was a lot larger if taken from Tuesday's bottom.
"For many stocks, we are already discounting a pretty severe recession. And if you include last Tuesday's lows, I could argue that most sectors have entered vicious bear markets," Cramer said.
Ultimately, when Cramer looked at stocks in the market he realized that the rate hike is being built in every day that it is down. There will certainly be repercussions when the Fed tightens, but many have already been discounted by many of the stocks that continue to be obliterated in this bear market.
So while the market may have discounted stocks all over the place, those discounts can sometimes create opportunities. This was the case when Cramer looked at Ulta Salon, Cosmetics & Fragrance, the nation's largest beauty retailer with approximately 800 stores across the country. Each store includes a built-in salon where clients can also get a haircut or highlights.
Last Thursday, Ulta reported a fantastic quarter. The stock initially surged to $169 from $160 the next day, it ended up closing down more than a dollar. On Monday it declined further, even though the stock is still up 24 percent for the year.
"In my opinion it seems absurd that you are getting this excellent quarter for free," Cramer said.
To hear more about what could be in store for Ulta, Cramer spoke with Ulta's CEO Mary Dillon.
"Bottom line is guests are responding to what Ulta Beauty is bringing to the marketplace, which is all things beauty all in one place. What's thrilling is that we are able to also invest in our future growth at the same time to make sure we have a long-term very sustainable proposition," Dillon said.
With so many stocks in pain right now, could there possibly be any stocks left in the market that could still work in an investor portfolio?
This has been the question on the minds of many investors lately especially after the beating industrials, financials and tech stocks have taken lately. That is why Cramer decided to dig through last week's rubble to find a few groups that could have some life left in them.
"I think the selloff has gone on so long that we just accept there are many 'no-fly zone' sectors that we just stopped paying attention to months and months ago," the "Mad Money" host said. (Tweet This)
Cramer's favorite play lately has been on the uptrend in housing, which touches anything that goes into a house and anywhere that those goods are purchased—with exception of lumber. And now that the Fed is going to raise rates, there could be opportunity.
Home Depot stock has risen, but Lowe's is down despite the excellent commentary from both companies regarding appliances. Cramer also highlighted both Whirlpool and PPG as being down, though they have substantial operations overseas away from their domestic business.
There are also a few recession proof stocks that have stayed strong. Constellation Brands and Electronic Arts have shown people still love video games and booze. And Autozone and O'Reilly Automotive are proof that auto parts are still needed now that Americans are keeping their cars longer, regardless of what is happening in the stock market.
Finally there are the tech stocks and FANG stocks, an acronym for Facebook, Amazon, Netflix and Google, along with a few peaked cybersecurity stocks, Avago and Skyworks.
"This pastiche of winners allows us the illusion of a bull running through this market. To me, though, the real takeaway is that after last week, not even these stocks are safe," Cramer said.
With oil plunging to the mid $30s and then bouncing back to $49 on Monday, Cramer isn't sure what to do with some of the energy stocks.
That is why he turned to the top brass of Cheniere Energy to find out what the future of energy could hold. Cheniere is a pioneer in building liquefied natural gas export terminals that will be able to ship an abundant amount of domestic natural gas to markets overseas where it is more expensive.
Has the carnage in oil finally hit a bottom, so the stock can bounce back again? To find out, Cramer spoke with the chairman and CEO of Cheniere Energy Charif Souki.
Souki explained that the bottom for oil is near, stating "I think we are pretty close."
Read More Oil bottom is very close: Cheniere CEO
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Disney: "I think if you take a year long view of it, I think you will do a lot better than you would do a day long. For the people who are really pinpoint traders, I think the stock can go back to $94 or $95. But if you look at it over the long term, I don't even know you'll know the difference."
Noble Corp: "I think Noble Corp has just been crushed. It's already down so much, I would not sell that stock. It's just been horrendous. It's up 30 percent from the bottom but big deal, it was at $13. Don't touch it."